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The regulatory chronicle of Eric de Nexon - January 2019

Main Market Initiatives
Non-core activities on commodity derivatives
On 2 October 2018, ESMA updated its computations on non-core activities by including an estimate on the size of the...
International and European news
On 2 October 2018, ESMA updated its computations on non-core activities by including an estimate on the size of the commodity derivatives markets and issuance quotas for 2017, based on data collected from trading platforms and data reported to central depositories under EMIR.
Non-core activities on commodity derivatives
STS securitisations held by insurance companies
On 10 September 2018, the Delegated Regulation on capital requirements applicable to Simple, Transparent and...
International and European news
On 10 September 2018, the Delegated Regulation on capital requirements applicable to Simple, Transparent and Standardised (STS) securitisations held by insurance and reinsurance companies was published in the Official Gazette.
STS securitisations held by insurance companies
Proposed deferral of intra-group compensation obligation
On 27 September 2018, ESMA issued its final report on the compensation obligation under EMIR for intra-group...
International and European news
On 27 September 2018, ESMA issued its final report on the compensation obligation under EMIR for intra-group transactions.
Proposed deferral of intra-group compensation obligation
New industry initiative to extend the European fund classification
On 16 october 2018, The European Fund and Asset Management Association (EFAMA) has launched an Indicative Classification...
International and European news
On 16 october 2018, The European Fund and Asset Management Association (EFAMA) has launched an Indicative Classification (IC) to address the market need for a stronger coverage of the European Fund Classification (EFC).
New industry initiative to extend the European fund classification
Proposal of legislative change for the PRIIPS KID
On 1st October 2018, the European Supervisory Authorities (ESAs) co-wrote a letter to the European Commission expressing...
International and European news
On 1st October 2018, the European Supervisory Authorities (ESAs) co-wrote a letter to the European Commission expressing their concerns regarding the possibility of duplicating information requirements for investment funds from 1 January 2020.
Proposal of legislative change for the PRIIPS KID
New delegated regulations supplementing benchmark regulation
On 9 August 2018, the Commission published two implementing acts supplementing the Benchmarks Regulation (BMR):
International and European news
On 9 August 2018, the Commission published two implementing acts supplementing the Benchmarks Regulation (BMR):
New delegated regulations supplementing benchmark regulation
Implementing regulation on Shareholder Rights Directive II
On 3 September 2018, the Commission adopted an implementing regulation (2018/1212/EU) with certain minimum requirements...
International and European news
On 3 September 2018, the Commission adopted an implementing regulation (2018/1212/EU) with certain minimum requirements for implementation of SRD II’s provisions.
Implementing regulation on Shareholder Rights Directive II
BREXIT : endorsement of the draft withdrawal agreement
On 25 November 2018, the EU and the UK endorsed the draft Withdrawal Agreement as well as a political declaration on the...
International and European news
On 25 November 2018, the EU and the UK endorsed the draft Withdrawal Agreement as well as a political declaration on the future bilateral relationship.
BREXIT : endorsement of the draft withdrawal agreement
Regulatory proposals on cross-border distribution of collective investment funds
On 21 September 2018, the European Committee on Economic and Monetary Affairs published two draft reports considering...
International and European news
On 21 September 2018, the European Committee on Economic and Monetary Affairs published two draft reports considering the European Parliaments' legislative proposals for a Regulation and a Directive on the cross-border distribution of collective investment funds.
Regulatory proposals on cross-border distribution of collective investment funds
New Anti-money laundering directive
On 11 October 2018, the Council of the European Union adopted a new anti-money laundering directive that introduces new...
International and European news
On 11 October 2018, the Council of the European Union adopted a new anti-money laundering directive that introduces new criminal law provisions.
New Anti-money laundering directive
FR – Report on corporate governance and executive compensation
On 26 November 2018, the French Financial Markets Authority (AMF) published its annual report on corporate governance...
National news
On 26 November 2018, the French Financial Markets Authority (AMF) published its annual report on corporate governance and executive compensation in listed companies.
FR – Report on corporate governance and executive compensation
FR – Voting in general meetings: AMF updates its doctrine
On 5 October 2018, the AMF published the report from its taskforce on shareholder rights and voting in general meetings,...
National news
On 5 October 2018, the AMF published the report from its taskforce on shareholder rights and voting in general meetings, together with its Recommendation No. 2012-05.
FR – Voting in general meetings: AMF updates its doctrine
LU – New Luxembourg circular on portfolio management companies
On 23 August 2018, the Financial Sector Oversight Commission (CSSF) published its Circular 18/698 applicable with...
National news
On 23 August 2018, the Financial Sector Oversight Commission (CSSF) published its Circular 18/698 applicable with immediate effect on the accreditation and organisation process for fund management firms incorporated in Luxembourg.
LU – New Luxembourg circular on portfolio management companies
LU - New Luxembourg circular on non-UCITS depositories
On 23 August 2018, the CSSF published Circular 18/697 applicable to non-UCITS depositories.
National news
On 23 August 2018, the CSSF published Circular 18/697 applicable to non-UCITS depositories.
LU - New Luxembourg circular on non-UCITS depositories
IE - Cross-sectoral outsourcing discussion paper published by Central Bank of Ireland
On 19 November 2018, the Central Bank of Ireland (CBI) published a discussion paper entitled “Outsourcing – Findings and...
National news
On 19 November 2018, the Central Bank of Ireland (CBI) published a discussion paper entitled “Outsourcing – Findings and Issues for Discussion” containing a summary of key issues and risks identified by the CBI.
IE - Cross-sectoral outsourcing discussion paper published by Central Bank of Ireland
BE - Introduction of additional liquidity tools for Belgian public funds
On 5th November 2018, the Royal Decree dated 15th October 2018 has been published that aims to introduce additional...
National news
On 5th November 2018, the Royal Decree dated 15th October 2018 has been published that aims to introduce additional measures that Belgian public funds may, under certain specific conditions, apply as part of their liquidity management.
BE - Introduction of additional liquidity tools for Belgian public funds
DE - National prohibition of binary options for retail clients in Germany
On 29 November 2018, the German Federal Financial Supervisory Authority (BaFin) has published on Bafin's website the...
National news
On 29 November 2018, the German Federal Financial Supervisory Authority (BaFin) has published on Bafin's website the draft version of a general administrative act that will prohibit the marketing, distribution and sale of binary options to retail clients at a national level.
DE - National prohibition of binary options for retail clients in Germany
UK - FCA’s consultation on the temporary permissions regime
On 10 October 2018, the Financial Conduct Authority (FCA) published its consultation paper (CP18/29) looking at how...
National news
On 10 October 2018, the Financial Conduct Authority (FCA) published its consultation paper (CP18/29) looking at how firms and funds can enter the TPR.
UK - FCA’s consultation on the temporary permissions regime
US - Adoption of rules about better Information from Brokers on Orders Handling
On 2 November 2018, the Securities and Exchange Commission announced that it has adopted amendments that will require...
National news
On 2 November 2018, the Securities and Exchange Commission announced that it has adopted amendments that will require broker-dealers to disclose to investors new and enhanced information about the way they handle investors’ orders.
US - Adoption of rules about better Information from Brokers on Orders Handling